(MENAFN- ProactiveInvestors)
There were some major moves in metal prices overnight and the best was from silver coming out of the gold shadows.
In New York July silver spiked by 4.2% to US$17.221 an ounce.
The use of silver has recently been boosted by technology with the metal one of the best electrical and thermal conductors and is used in many types of electrical devices.
According to The Silver Institute silver physical demand stood at 1.07 billion ounces in 2014 the fourth highest level recorded since 1990 but a 4% decline from the 2013 total.
A main factor in the decrease in physical demand was a fall in coin and bar demand from 2013 which had been a record year
Mexico is the world’s leading silver producer followed by Peru China Australia and Chile.
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